Fifth Third Bancorp (NASDAQ:FITB) Price Target Cut to $42.00 by Analysts at Keefe, Bruyette & Woods

Fifth Third Bancorp (NASDAQ:FITB) had its target price reduced by stock analysts at Keefe, Bruyette & Woods from $47.00 to $42.00 in a report issued on Monday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 22.99% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a report on Monday, February 10th. Piper Sandler reiterated an “overweight” rating and issued a $53.00 price objective (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Truist Financial raised their price objective on shares of Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 target price for the company in a research note on Monday, April 7th. Finally, Wells Fargo & Company cut their price target on Fifth Third Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $47.59.

Fifth Third Bancorp Trading Down 0.7 %

FITB stock opened at $34.15 on Monday. The business has a fifty day moving average price of $39.16 and a 200 day moving average price of $42.67. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.80 and a quick ratio of 0.80. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The stock has a market capitalization of $22.82 billion, a price-to-earnings ratio of 10.88, a P/E/G ratio of 1.42 and a beta of 0.99.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.17 billion. Fifth Third Bancorp had a return on equity of 14.10% and a net margin of 17.43%. During the same period in the previous year, the business posted $0.70 earnings per share. Analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Insider Activity at Fifth Third Bancorp

In related news, COO James C. Leonard sold 17,200 shares of Fifth Third Bancorp stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total transaction of $761,272.00. Following the completion of the sale, the chief operating officer now owns 244,487 shares of the company’s stock, valued at approximately $10,820,994.62. The trade was a 6.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now directly owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Fifth Third Bancorp in the 4th quarter valued at about $371,836,000. PL Capital Advisors LLC boosted its stake in shares of Fifth Third Bancorp by 4,128.0% in the fourth quarter. PL Capital Advisors LLC now owns 1,860,320 shares of the financial services provider’s stock valued at $78,654,000 after buying an additional 1,816,320 shares during the period. Jupiter Asset Management Ltd. acquired a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $53,508,000. GAMMA Investing LLC increased its stake in Fifth Third Bancorp by 4,271.4% during the 1st quarter. GAMMA Investing LLC now owns 1,203,362 shares of the financial services provider’s stock worth $47,172,000 after acquiring an additional 1,175,834 shares during the period. Finally, First Trust Advisors LP raised its holdings in Fifth Third Bancorp by 12.1% in the 4th quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider’s stock valued at $402,991,000 after acquiring an additional 1,027,044 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.